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the crunch day is actually august 3rd, that's the day when the government has a big $23 billion social security payment and it has between $10 billion and $12 billion in tax revenue coming in. i think the really big issue for the treasury is going to be how it distinguishes between, if you will, paying back the money it already owes, paying back the government bond holders, and paying its ongoing running costs, things like social security, medicare, medicaid, military salaries and so forth, and i think the betting is that the government will put, will give a priority to paying the bills it already owes, to paying the bond holders, simply because if you don't do that, you go into massive default, and the whole global financial system i think really starts getting shaky, but not paying some of the big government commitments within the united states, that's going to get painful pretty fast. >> not paying the social securitys, the medicares, the medicaids of the world or even our defense budget that's as big of an issue for many in many mind as defaulting on our debt which would be a nonpa
and those three-month lows for the euro so pretty bleak picture. >>> at the united states a big sell-off on wall street. major averages tumbled, major worries. financial and technology shares were among the biggest losers on monday, bank of america, citigroup, jpmorgan chase and wells fargo all closed roughly 3.5 to 5.5% lower, so really this is touching off fears of a broader financial crisis and don't let's forget the whole situation of the biggest slowdown in the world economy since the 1930s started with the financial crisis and now the worry is with he might go there again. at the close of the play there were triple digit losses for the dow, nasdaq, each closed roughly 2%. painful, pauline. >> let's look at the stock market futures and trading session in the u.s., it's right across the board as well, here's where the u.s. futures stand in premarket action the dow poised to open down by almost 1%, about the same amount for the nasdaq. the nasdaq ended monday's session down 2%, so that's not good news there. also the s&p 500 poised to start the session on tuesday down by 1.25%. we
. >> that money could make a big difference to a lot of people. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy productive life. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> warner: once again today, debt-laden governments in europe grappled with massive public anger over austerity measures they'd imposed. in greece, the government won a bitter struggle today to rein in debt for bailout help. and in britain, civil servants took the streets. a tense calm returned to athens, greece today, but shards of glass lay strewn on the sidewalks and charred debris was stacked in the streets. they were the remnants of riots that raged into the night as protesters set fires and battled police, who fought back with clouds of tear gas. even so, the greek parliament voted today to implement the austerity measures it had endorsed yesterday. the international
. >>> well, san jose no longer has a big fireworks show on the 4th of july. but some people put on their own illegal display. pretty professional there. it's been a tradition every 4th of july to set off fireworks, but the law says they are illegal. we talked to a retired fire captain who lives there and he fears that it's just a matter of time before something bad happens. >> you know it can happen in four, five, seven or ten minutes when you have a good wind and old structures that can just take a block out. >> no one out there just doing dumb stuff. they're not doing it with their families and parties they got going on. >> firefighters were out last night trying to educate people about the dangers of setting off their own fireworks. the police chief was also out. he says they don't have the resources to crack down on the activity. the east bay also saw its fair share of fireworks. our ktvu cameras spotted this display from skyline road in oakland around 9:00 last night. oakland is another bay area city that did not hold an official fireworks show for the 4th of july and where fireworks ar
for the auto industry. we examine the new round of labor talks between the u.a.w. and detroit's big three. >> ifill: ray suarez gets an update on the turmoil in libya. >> brown: and we close with a paul solman story about a convicted murderer and middle school dropout who now makes $80,000 a year after completing college while behind bars. >> these are my dreams. i fit in right here, but this is what i'm looking at, this is where i want to be, this is where i can be, this is where i deserve to be. >> brown: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided by: >> i mean, where would we be without small businesses? >> we need small businesses. >> they're the ones that help drive growth. >> like electricians, mechanics, carpenters. >> they strengthen our communities. >> every year, chevron spends billions with small businesses. that goes right to the heart of local communities, providing jobs, keeping people at work. they depend on us. >> the economy depends on them. >> and we depend on them. and by the alfred p. sloan foundation. supporting scie
speaker john boehner today. not going for a big huge deal now. this is part of what chuck schumer had to say -- >> shannon: your response? >> i suspect that is more of the grand politics that you hear playing out there. because it was never put on the table. the kind of reform that john boehner has been asking for, the kind of reform i'm talking about. what was put on the table was again, tax hikes on the wealthy. so that we can do less spending reduction. we've got to get out of that paradigm. we've got to get out of the politics. some of the politics poll really well. one of the problem we're having now is pollsters are at full employment. and politicians are following what they are telling them. it's telling them on the one hand don't put social security or medicare on the table. don't talk about those things. on the other hand, just talk about taxing the rich. you will be fine. but that doesn't help us get to a solution. >> shannon: we certainly hope that you find one. we know you are busy not only with the gang of six or five or whatever it currently stands to be but with everyth
, but it has a big footprint. it's touching those counties in some places. we have more storms back out to the west. this will go until 5:30. frederick, virginia. warren county and those under the severe thunderstorm warning until 5:30. this was a storm i was just showing you on max hd radar. as we zoom in a little bit. this is to the northwest of the beltway in great falls right along the river there. you can see getting a healthy dose and this is drifting toward mcarthur boulevard. we can see the street level view. we take you back out 66 because between winchester and front royal, is this a severe thunderstorm, too. the drift on this storm has been basically to the west and it's not moving very quickly and as we use the radar to look at these, that storm is getting a pretty healthy updraft. the other storm is a very strong updraft as well. all these storms about equally as strong. the possibility of hail and very high, gusty winds approaching 50 to 60 miles per hour. but most importantly, it looks like they are trying to bring some cooling relief. we'll send it back out to shawn and
-end withdrawal dead line. there are big concerns about what will happen with the remaining 47,000 american troops pull -- when the remaining 47,000 american troops pull out. >>> the u.s. senate returns to washington, d.c. they've cancelled their holiday recess to resume the -- to resume the intense negotiations. an catastrophe is looming and so are changes to medicare. scott macfarlane has more. >> reporter: the white house is ready to offer tens of billions of dollars in cuts to medicare and medicaid to push these negotiations along. "the new york times" reporting that those cuts would squeeze government payments to hospital and to nursing homes. cuts to these so-called entitlement programs are a major sticking point in what has become very fragile negotiations. >> we wish we could keep all of the promises we've made. we don't have the money to do it. i think people realize that's the case. >> reporter: another option is to include taxes. the senate has returned to resume these negotiations. there are no the debt or -- there are no debt or budget talks. the first issue will be talks about the li
's why. big area of high pressure. there's a big strong upper ridge. this is just a heat pump that will continue. and the bad news is, this goes into at least thursday. in fact, jet stream guns up a little further into canada so that heat will be creeping up north as the ridge intensifies. we don't see this breaking down at least until the weekend. so the mid section of the country is going to continue to bake the northeast gets a little bit of a break as we head on into the next 72 hours. ann? >> all right, al, thank you so much. we'll get the rest of your forecast in a bit. >>> for now, to britain's deepening phone hacking scandal. this morning there are claims that journalists from other rupert murdoch's other papers were involve and the alleged target is former p.m. gordon brown. stephanie goss is in london with this. stephanie, good morning. >> good morning, ann. gordon brown does not mince his words when he spoke to the bbc this morning about rupert murdoch's papers me said those papers used people to gather information on known criminals. the allegations appearing in th
alternatives, right? wind, solar, algae. >> i think it's got to work on a big scale. and i think it's got to be affordable. >> so, where are they? >> it has to work in the real world. at chevron, we're investing millions in solar and biofuel technology to make it work. >> we've got to get on this now. >> right now. the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: twin bombings shattered the calm in a city north of baghdad today. more than three dozen iraqis were killed, with 50 or more wounded. it was the latest sign of rising violence as u.s. troops prepare to withdraw. the charred remains of a car bomb littered a street in the city of taji this afternoon. it blew up in the parking lot of a local government building, damaging nearby businesses and killing dozens of people. as ambulanc
a deal, it starts to weaken the white house i guess. >> reporter: a big deal of deficit reduction obviously is feeling very elusive and chances of doing something like that seem to be very slim at this point. in terms of the debt ceiling, they are very much relying on a plan being worked out by senators reed and mcconnell, top democrat and republican in the senate, to move something forward so the senate can take a lead and the house can then follow suit maybe making some changes. i think right now that's the best hope. i do want to tell you looking at the president's schedule today, it's mighty bare. his normal presidential briefing and meetings with senior advisers but certainly there's a lot of room built in there for any sort of communication he needs to do with congress. >> right. there was talk they are working through the weekend so they are doing everything possible to come to an agreement. >> over night too. >> u.s. and libya hosting secret face to face talks since the libyan conflict began four months ago. the point of the weekend meeting was to send a clear message to m
for those of us dealing with the very hot weather. back to you. >> thanks. >>> the big dust storm that hit arizona this week is now making it difficult for some people to breathe. the storm swept through the phoenix area on tuesday, swallowing the city's skyline. since then are the air has remained hazeied and dusty. and right now doctors across the phoenix area say they are busy treating patients suffering from asthma and other breathing problems. common symptoms include wheezing and coughing. >> i would equate it to walking to a smoke-filled room, something like that. that kind of thing, where even people with normal lungs get a little irritated. but imagine somebody with some -- inflammation. >> doctors say the best advice for people in the phoenix area is just to stay inside, until the air clears up. >>> the death toll from the tornado in may, that ripped through joplin, missouri, is now at 159. the city's public information office recently released a statement saying a woman has died from her injuries. the announcement was the first in two weeks regarding any deaths related to the sto
. hi honey! ♪ h-o-t-w-i-r-e... ♪ hotwire.com >>> no progress reported tonight on the big deficit reduction talks at the white house. with that, this warning tonight from moody's investor service. the federal government could lose its top of the line credit rating if the white house and congress can't agree on a plan to increase the nation's debt ceiling, meaning allow washington to borrow more money to help pay its bills. that warning came just a few hours after this sober math lesson from the fed chairman ben bernanke. since the government borrows 40 cents of every dollar it spends, a fall you'ilure to increase washington's credit limit would require a 40% cutback in spending. >> significant cuts in social security, medicare, military pay, or some combination of those in order to avoid borrowing more money. >> now that sounds ominous, but some conservatives think the catastrophe scenarios are exaggerated. >> if congress fails to raise the debt ceiling by $2.5 trillion, that somehow the united states will go into default, and we will lose the full faith and credit of the united s
, and i would say let's go back to basics. when you have a big problem, you go back to the basics where you have to start to solve a problem, and the basics are a budget. if we can agree on a budget, and, heck, i think we all agree that if we get one on the floor, there's going to be a lot of amendments. there's going to be a lot of amendments to a budget resolution. let's get started. let's use this week to produce a budget resolution, and let's start having the amendments about spending levels, about spending priority. that will be a way that we can start the process of determining if we can, in fact, lift the debt ceiling because there are significant cuts in the spending in this country that would show the rest of the world that is holding our debt as well as the american people who are living with this government and holding part of the debt that we're serious, that we are going to get our financial house in order, and we're going to do it with a budget resolution that cuts spending and sets priorities like every family and every business in this country are required to do, and mos
they get a tax-exempt status? >>reporter: that is the big question is. any groups that a right, obviously, to form and criticize fox news. the question is, should that be a taxper, subsidized, tax-exempt deductibl activity. media matters is something called a 501 (c) 3 referring to the section of the code that covers it and deductions to media matters are people getting to take off their taxes as if they gave money to the red cross or salvation army. and media matters is increasingly political in recent years and the founder has formatted what is scale add super pac to raise large amounts of money to defeat republican candidates and there are reports that the white house is in the entirely happy with that because they felt he was more effective attacking fox news at media matters. the question is, should that be subsidized by the federal government. deep deep the deep pockets, obviously, george soros and tell us about his past for those that do not know. >>reporter: he is a billionaire, naturalized american citizen and has in the past been caught up in insider trading activity in jump, an
was asked by a reporter once, you have all these big cases at the end of the term. this is a true story. why don't you spread them out more evenly so we can cover them? and he said, why don't you spread out the reporting more evenly? because we have to do it all at once. we have an opportunity now that we have the chance to read the cases for both the press and the professors to comment. i want to start off with a bankruptcy case, marshall. marshall is print -- pierce marshall, son of the old mr. marshall, who married vicky lynn marshall, also known as anna nicole smith. what i find is chief justice roberts starts off the case by referring to one case. i had written an article about this case. the chief had a chance to cite me but sadly he did not. the reason this is really a very poor civil liberties case is even it's a bankruptcy case it has to deal with jurisdiction. pierce sued vicky for defamation. anna nicole smith. anna nicole smith sued in probait court said you interfered because your late father who showered her with gifts in her lifetime was going to give me another gift and he di
. what is pro-big business is actually sometimes more fundamentally seen as pro-first amendment. >> i could just add a footnote to that. it is interesting that justice brier, i think it, brought this out to discuss the commercial speech issue. there are some cases in which businesses are winning and some of them as a strike me as corp. first amendment issues. citizens united is a core but first amendment speech for corporations issue. they do not seem to have much to do with the corporate governance for self expression when is someone trying to put together a lot of information about who is taking which prescription and which doctors are prescribing which so they can market their drugs more effectively. is it first amendment case, but it does not feel like one to me, or apparently justice breyer. >> the same justices that dissented, including the female justices, joined at scully of -- scalia's broad view on violent video games. they are not necessarily about how we organize ourselves either. >> they are the multi-billion dollar gaming industry. that is not the way that most people re
the discipline of the market place because their size, complexity and interconnectedness made them too big to fail under the resolution processes in place at the time. the expectation of a large financial companies enjoyed the implicit backing of the federal government allow the managers of the company to book short-term profits while ignoring the buildup of tail risk in here in a complex mortgage instruments they held. in the financial market chaos that followed the september 2008 bankruptcy of lehman brothers, the expectation of government support persistent important financial institutions, or sifis, became a really good government assistance to financial institutions took on a variety of forms. a total commitment of almost $14 trillion by the spring of 2009. direct assistance to the largest financial institutions easy to short-term crisis of confidence in the interbank market. and our financial system began to function again. the policymakers fail to effectively attack the root cause of the problem, which was the enormous backload -- backlog of unaffordable and underwater mortgage loan
are making it more difficult to get there. so i'm a big fan of the navy with one important exception that is on that saturday in november when we play the army-navy football game. >> having gone from the naval academy into the marine corp., i don't watch that game very often. so -- but it does seem to me that we are at tend of another inevitable historical cycle here when we have extended ground combat deployments that expand the size of the active duty army into the marine corp. at the expense very often of what i would call national strategic assets like our operational navy. i think i'm hearing from you that the same thing i heard from secretary panetta that the 313 ship goal for the navy is a reasonable goal. would that be correct? >> well, my ingaugements over the past three months suggest to me that it is. but again, i think we had a conversation a bit earlier about how do we keep strategy at pace with resource decisions. so that comprehensive strategy review that we're doing should it seems to me re-enforce that or cause it to think differently about it. one of the things i th
hundreds! yeah, that'll certainly stick with me. we'll take it. go, big money! i mean, go. it's your break, honey. same coverage, more savings. now, that's progressive. call or click today. [ male announcer ] time to check your air conditioning? come to meineke now and get a free ac system check and a free cooler with paid ac service. meineke. we have the coolest customers. >>> democrats and republicans hold another round of talks today on raising the country's debt limit and reducing the deficit. the obama administration is pushing for a deal sooner rather than later. our white house correspondent dan lothian is joining us with an update. dan, i guess we heard from the treasury secretary, timothy geithner, stepping up the sense of urgency. why do you suppose he did that? what did he say? >> reporter: well, what he's trying to do is essentially push this theme that the president has been pushing, that he still wants to go for the biggest, most comprehensive deal possible because this administration believes that that's the best thing for the economy, not only over the long term, but also t
mission in afghanistan. if confirmed, the general will have big boots to fill and succeeding general petraeus commander of the 49 member international security assistance force coalition and u.s. forces afghanistan. like general petraeus, general allen brings an in-depth understanding of the complexities of the counterinsurgency effort based on his own experience as the commander in anbar province in iraq. working with the sunni awakening the marines and anbar succeeded in getting local sunni tribal leaders to reject the insurgency and instead support the iraqi government and its the deputy commander at u.s. central command general ellen has developed a regional perspective on issues affecting the region in afghanistan. he will be the first marine to serve as the top commander in afghanistan. the number one priority will be implementing president obama's decision last week to accelerate the transition of security responsibility to afghan forces and start bringing the u.s. surged forces home. as all land by the president, 10,000 u.s. troops will be withdrawn by the end of this year an
to take over the vital mission in afghanistan. if confirmed, the general will have big boots to fill and succeeding general petraeus commander of the 49 member international security assistance force coalition and u.s. forces aghanistan. like general petraeus, general allen brings an in-depth understanding of the complexities of the counterinsurgency effort based on his own experience as the coander in anbar province in iraq. working with the sunni awakening the marines andanbar succeeded in getting local sunni tribal leaders to reject the insurgency and instead support the iraqi government and its the deputy commander at u.s. central command general ellen has developed a regional perspective on issues affecting the region in afghanistan. he will be the first marine to serve as the top commander in afghanistan. the number one priority will be implementing president obama's decision last week to accelerate the transition of security responsibility to afghan forces and start bringing the u.s. surged forces home. as all land by the president, 10,000 u.s. troops wilbe withdrawn by the en
Search Results 0 to 39 of about 40 (some duplicates have been removed)

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